| The foreign existing related researchand “assetsevaluation criteria-enterprise value" indicates the presence of control premium, while thedomestic existing research is not in-depth study, and no enterprise valuationmethod is suitable. Through domestic and international relevant statisticaldata analysis, and verifies the different premium situation in merger cases oflisting corporation concerning control transfer, including a same acquirermultiply acquired with a same target’s equity, and compare industry, modeand ratio, get the conclusion that the majority of control transfer have varyingdegrees of premium, and premium rules in many different situations.This article from the mergers and acquisitions(M&A) point of view,analyze the existing valuation methods of enterprise, combined with commonenterprise valuation methods, through two different cases, verify that thereare values of the control transfer which in accordance with the relevant rules.According to the actual application, through the analysis of related factors,calculate the control premium, preliminary verified the relevant theory thatthe control premium roughly stable in30%. And further put forward "controlpremium valuation formula" and "method".By estimating the independent added value△V1and the combined addedvalue△V2, get the control value△VC=△V1-△V2.△VCis caused by control transfer. The ratio relative to the fair market value is the controlpremium. The corporate control premium valuation and enterprise valuationare divided into several steps, and the concrete content has certain operability.There is some reference value for enterprise valuation of more active listingCorporation’s(including a large number ofsmall and medium-sizedenterprises in the future) control right transfer cases. |
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